EX-12 16 exhibit121.htm EXHIBIT 12.1 STATEMENT OF FIXED CHARGES

Exhibit 12.1

 

Royal Caribbean Cruises Ltd.

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

 

 

Years Ended December 31,

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

Net income

$  474,691

 

$ 280,664

 

$  351,284

 

$ 254,457

 

$  445,363

Income tax expense

2,810

 

        2,100

 

        1,040

 

-

 

-

(Income) loss from equity investees

 (1,912)

 

        (1,694)

 

        6,536

 

  1,576

 

(1,351)

Fixed charges

 343,272

 

    307,369

 

   302,477

 

   293,470

 

200,733

Capitalized interest

 (7,228)

 

      (15,932)

 

     (23,425)

 

    (36,983)

 

(44,200)

 

 

 

 

 

 

 

 

 

 

 

Earnings

$  811,633

 

 $  572,507

 

$ 637,912

 

  $ 512,520

 

  $  600,545

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

$  317,205

 

 $  284,328

 

$ 290,269

 

  $ 290,195

 

  $  198,500

 

Interest portion of rent expense (2)

 26,067

 

       23,041

 

     12,208

  3,275

 

          2,233

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

$  343,272

 

 $  307,369

 

 $ 302,477

 

  $ 293,470

 

  $  200,733

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (3)

2.4x

 

1.9x

 

2.1x

 

1.8x

 

3.0x

 

 

(1) Interest expense includes capitalized interest and amortization of deferred financing expenses.

 

 

(2) Interest portion of rent expense represents actual interest charges for the Brilliance of the Seas operating lease

and, for all other rentals, we have assumed that one-third of rent expense is representative of the interest factor.

(3) We had no preferred stock outstanding during the years ended December 31, 2004, 2003, 2002 and 2001.

We redeemed our preferred stock in April 2000. The ratio of earnings to combined fixed charges

and preferred stock dividends was identical to the ratio of earnings to fixed charges for the year ended

December 31, 2000.